President Joe Biden announced a ban on Russian oil imports Tuesday, signaling a major shift for gas prices across the country.
What happened: Biden spoke Tuesday morning about Russia’s unprovoked war on Ukraine, saying the new sanctions against Russian oil imports are a direct result of the invasion.
- “Russian oil will no longer be accepted at U.S. ports,” Biden said.
- “Many of our European allies and partners may not be in a position to join us. We can take this step when others cannot.”
What to know: Biden confirmed that the U.S. will see more price increases at the gas pump. However, he called on gas and energy companies to avoid price gouging.
“It’s no excuse to exercise excessive price increases,” he said.
Biden: Gasoline prices in U.S. will go up further https://t.co/BsBLIwVvSr pic.twitter.com/FKpxmoF8u7— Bloomberg (@business) March 8, 2022
What he said: During his remarks around 9:30 a.m. MST, Biden spoke about how the Russian war on Ukraine will impact Americans at the gas pump, referring to the recent price jump as “Putin’s price hike.”
- “We will not be part of subsidizing Putin’s war.”
- “I said I would level with the American people from the beginning, and when I first spoke to this, I said defending freedom is going to cost.”
- “The private sector is united against Russia’s vicious war of choice.”
- “I’m going to do everything I can to minimize Putin’s price hike here at home.”
- “Putin seems determined to continue on his murderous path no matter the cost. Ukraine will never be a victory for Putin.”
- “People everywhere are speaking up for freedom.”
Why it matters: Gas prices have skyrocketed in recent days due to the Ukraine-Russia war. On Tuesday, national average gas prices hit a new all-time record at $4.17 per gallon, per CNN. Biden’s speech is a signal that those prices will continue to increase in the coming days.